We can see that the pair completed a 5 wave Expanding Diagonal and has already bounced of the top of the channel. It seems like it found some support from the most recently broken structure level (1.1130) and we could be seeing in my opinion one more retest of the top, before a big drop, just like it happened in the past (light blue highlighted area, swipe to the left).
My personal details: Short @ E: 1.1260, SL: 1.1340, TP1: 1.1130, TP2: 1.0830, RR: 5.38
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
My personal details: Short @ E: 1.1260, SL: 1.1340, TP1: 1.1130, TP2: 1.0830, RR: 5.38
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
